Top Financial Stocks
Financial stocks were declining in afternoon trading, including a 0.1% slide for the NYSE Financial Index while shares of financial companies in the S&P 500 were edging almost 0.1% higher. The Philadelphia Housing Index was sinking 1.3%.
Among financial stocks moving on news:
(-) American Assets Trust (AAT) fell 4% after late Monday disclosing plans for a public offering of 9.5 million shares of its common stock. The real estate investment trust also will provide the underwriters with a 30-day option to buy up to 1.43 million additional shares to cover potential overallotments. Net proceeds will fund the company’s $525 million purchase of La Jolla Commons in San Diego, also announced Monday night.
In other sector news:
(-) Wells Fargo (WFC) was fractionally lower in recent trading after the bank holding company Tuesday said it was selling a majority stake in its Eastdil Secured private real estate investment banking division for an undisclosed price. The transaction follows the recent management-led recapitalization of Eastdil in partnership with selected institutional clients and Singapore-based Temasek.
(+) Franklin Resources (BEN) was marginally higher after the investment company reported a 3.5% drop in assets under management on May 31 compared with the end of the prior month, falling to $695 billion from $720.5 billion in assets on April 30.